https://www.taxtmi.com/caselaws?id=373057 The Court allowed the appeal under Section 260A of the Income Tax Act, 1961, in favor of the assessee. The penalty imposed for late audit report filing was deleted as the appellant demonstrated reasonable cause for the delay, citing sudden resignation of the accountant leading to challenges in compiling necessary data. The Court emphasized penalties should not be imposed for technical breaches when there is a genuine belief of fulfilling statutory obligations, in line with the Hindustan Steel Limited case. The appellant's explanation was deemed reasonable, and the penalty was overturned. en-us Tue, 18 Dec 2018 00:00:00 +0530 Sat, 31 Aug 2019 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373057 The Court allowed the appeal under Section 260A of the Income Tax Act, 1961, in favor of the assessee. The penalty imposed for late audit report filing was deleted as the appellant demonstrated reasonable cause for the delay, citing sudden resignation of the accountant leading to challenges in compiling necessary data. The Court emphasized penalties should not be imposed for technical breaches when there is a genuine belief of fulfilling statutory obligations, in line with the Hindustan Steel Limited case. The appellant's explanation was deemed reasonable, and the penalty was overturned. Case-Laws Income Tax Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373057